Nykaa stock price falls below issue price; experts recommend a strict no in this counter

FSN E-Commerce Ventures Limited or Nykaa shares today fell below their issue price of Rs 1125. The stock was listed on the NSE on 10 November 2021. The stock has fallen by nearly 60 per cent from its 52-week highs of Rs 2573.70, the stock achieved on 26 November 2021.    

The Nykaa shares today ended at Rs 1,110 on the NSE and were down by Rs 33.90 or nearly 3 per cent.

At least two technical analysts have recommended investors to stay away from the stock.

Market Expert Simi Bhaumik told Zee Business Web that long term investors could wait to exit at more opportune levels. The current chart pattern shows weakness and the stock could see further downfall, she added.

Investors who have bought this stock with a short term view can look at exiting this stock, she further said. As for investors who are thinking of making new positions, her advice is a strict “No”.

Meanwhile, Nilesh Jain Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking said that the stock does not inspire much confidence. He advised against making any fresh buying moves.  

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)